commit ment there has increased from nothing to 10% of stocks in the past three years as it has snapped up coal firm ConsolEnergyCNX , oil- and gas-services and equipment companies Weatherford International WFT, McDermott International MDR

spite of Arch’s second-largest position in the Powder River Basin), we are less excited for Arch Coal. With ConsolEnergy ’s sale of five West Virginia longwall coal mines, the company has effectively transformed itself into a natural gas

ConsolEnergy announced the sale of five West Virginia ..... represented only 28% of normalized coal EBITDA. Consol will continue to own eight mines in Northern ..... tons of reserves. With this transaction, Consol signals its transition from a coal company

of Arch Coal's ACI second-largest position in the Powder River Basin), we are less excited for Arch Coal and ConsolEnergyCNX . Forest Products European forest products companies Stora Enso (STERV) and UPM-Kymmene (UPM1V) continue to battle

include Arch Coal, Alpha Natural Resources ANR, and ConsolEnergyCNX . We are also not as sanguine on the prospects for metallurgical ..... exposure to metallurgical coal include Arch, Alpha, and Consol . For Arch and Alpha, our tepid price outlook for metallurgical